Singapore billionaire Peter Lim invests in McLaren AutomotiveFri, 19 Aug 2011
Singapore billionaire Peter Lim has invested in McLaren Automotive and has taken a spot on the board of directors along with Ron Dennis, Mansour Ojjeh and the Bahrain Mumtalakat Holding Co., McLaren said on Friday.
The company declined to reveal the amount of the investment, but privately held McLaren said it is a “significant amount.” More details of the deal will be announced closer to the Singapore Grand Prix.
Lim is ranked as the eighth-richest businessperson in Singapore, according to Forbes, and he owns a chain of Manchester United-themed restaurants and bars in Asia.
He made headlines last year when he offered $528 million to buy the Liverpool soccer team. Lim also is the second largest shareholder in the fashion retailer FJ Benjamin. He hopes to be the partner McLaren needs to strengthen the brand in Asia.
“This is a very exciting time for us and, as part of our growth strategy, we have been absolutely rigorous in ensuring that the right partners join us,” Dennis said. “Peter Lim's track record in Asia as a highly respected business leader adds further quality to our board in this highly competitive business environment at an exciting time for the company.”
Demand is strong in the region, according to McLaren, which accounts for about 18 months' of production.
The company is represented across 19 countries worldwide, including Hong Kong, Japan and Singapore. McLaren has begun distributing its new MP4-12C supercar to customers in the United Kingdom and Europe, with distribution in the Asia-Pacific market anticipated in late 2011.
By Jake Lingeman